The weekly technical levels of EUR/USD pair:
Overview :
- The range of EUR/USD pair was 170 pips last week. In addition, the EUR/USD pair hit the weekly resistance 1 and the pivot point. As a result, the market was in an uptrend and formed a strong support at the level of 1.2425. It should be noted that the support coincides with the ratio of 23.6% Fibonacci retracement levels, and represents minor support in H1 chart. So, the price of 1.24 25 is the key level to confirm the bullish market. For that reason, the market will probably indicate the bullish opportunity at the level of 1.2425 and the level will act as support. Therefore, the price of the EUR/USD pair will give a good sign to buy above 1.2425 with the first target of 1.2494. Also, if the trend can break it, as a consequence, the trend is going to continue towards the 1.2530 price in order to form the double top.
The movement of pivot point among resistances and supports .
- If the price is at pivot point, watch for a move back to resistance 1 or support 1.
- If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.
- If the price is at support 1, expect a move to support 2 or back towards resistance 1.
- If the price is at support 2, expect a move to support 3 or back towards support 1.
- If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.
- It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.
The material has been provided by InstaForex Company - www.instaforex.com
